Here we are looking at Bitcoin ( BTCUSD ) on the and we will focus our attention on the EMAs and past history for this analysis. Let's get started!
EMA100 As Resistance, Now Support
Back in April 2019, Bitcoin managed to conquer EMA100 and followed up with a very strong run.
After prices peaked for BTCUSD in June 2019, all the conquered levels were tested as support. Each time a level is hit, a bounce happens.
- EMA10 was hit in late July and prices bounced.
- EMA50 was later hit in September and prices bounced before moving lower.
- Now, EMA100 has been hit and we are expecting a bounce... This is the first signal.
Bitcoin Weekly EMA10 vs EMA50 Cross
The next signal is the EMA10 line crossing down the EMA50 line, we are calling this a "Bearish cross".
Each time we had this cross Bitcoin prices moved up... Let's take a look!
Nov. 2014 (72% Jump from bottom to top)
$275 Low - $475 High
Jul. 2018 (48% Jump from bottom to top)
$5755 Low - $8506 High
Dec. 2019 (31% - 51% Jump from bottom to top)
$6477 Low - ~$8500 - $9750 High (Projection)
The low is already in by the time the cross takes place, so our low is set with the 16-Dec. candle based on this scenario, which is also a ( ).
Another signal is the long-wick on the candles in the past few weeks. This is a rejection of sellers.
All these signals are pointing to a relief rally/bounce in prices to happen next.
To finish, let's first hit LIKE and continue to take a look at the full chart for Bitcoin ( BTCUSD ) with long-term targets:
Thanks a lot for reading.
Thanks a lot for your continued support.
This is Alan Masters.